OMG... What Is All The Fuss About? Steemit Now Has A Chance AGAIN!

apshamilton (64) · 5 years ago

Welcome back Dave!
I also agree that this is a hugely positive move.
Steem has the best community in crypto and the best technology (scaling and fast transactions on cheap computers with SSDs rather than super expensive servers with 100s of GB of RAM).
What it always lacked is decent marketing and a public face that could generate plenty of publicity. Justin Sun is the perfect complement to Steem's strengths.

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4 votes

davemccoy (63) · 5 years ago

Thank you @apshamilton! I fall into your camp completely. I see the arguments about why we should be worried, but I'm having trouble understanding why a very very rich guy that has a larger network than Steem is buying a control stake (ie showing very big interest) is bad. In my world, this would send the imagination running. He must've seen something positive about Steem/Steemit that was undervalued/underappreciated.

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rentmoney (68) · 5 years ago (edited)

The fear is the current token STEEM as we know it being worth next to nothing because Justin Sun goals are likely to move STEEMIT from its current blockchain and recreate it on the TRON blockchain. A token swap is rumored to take place in which we give Justin Sun our STEEM and he gives us STEEMTRON token or whatever its going to be called.

All this is fearful to allot because STEEMTRON then becomes a second layer token on the TRON network instead of a first layer one here. When this token swap/Steemit moving to TRON happens there will be a split within the current blockchain with some moving to TRON and others staying. The current STEEM token will likely feel a negatitive impact of that. One such negative impact is the exchanges removing the current STEEM token and adding the TRONSTEEM token in its place.

Don't get me wrong, Steem/Steemit might flourish and become more valuable on teh TRON network but it may also become the Steem-Engine token of TRON (which might not be a bad thing but its certainly a downgrade from being the main token on a blockchain).

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apshamilton (64) · 5 years ago

These fears are unfounded.
He doesn't control the blockchain or the witnesses and any attempt to do so will be negative for him.
Sun just bought a huge amount of Steem. He wants it to go up. He will soon see that Steem has better technology than Tron and he already knows Steem has a better community.
He need to keep that community on side or else he'll be wasting his investment.

But this is hugely positive for Steem because he bring what Steemit always lacked - decent marketing and a budget to do it.

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rentmoney (68) · 5 years ago (edited)

He owns the largest share of the token and because of that can control who the witnesses are. Any attempt to fork him out will have negative affects on this chain. He bought his tokens fair and square, those crying fork should stop as it makes the whole chain look very very bad. No investor is coming here to buy up a bunch of tokens when those who are elected as witnesses (and others) cry fork out the man who honestly bought his tokens.

He bought the rights to STEEMIT and he can do what he wants with it. He got his tokens in an honest manner and they are his and he has the right to use all the power that comes with that. Don't like it, create a clone site and a new token, forking him out is morally wrong and possibly might even be legally wrong.

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apshamilton (64) · 5 years ago

He doesn't have majority share of STEEM tokens. He has maybe 75M out of 210M STEEM

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rentmoney (68) · 5 years ago

Please take note of my edit that took place long before your response.

75/210 makes him the number one influencer on here and everyone else a very distant second.

apshamilton (64) · 5 years ago

Actually 210M is only the powered up Steem. Total Steem supply is 370M. So really his stake is less than 20% of total. And 75M is the high end estimate of the amount of Steem he has. It could be as low as 40M.

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rentmoney (68) · 5 years ago (edited)

One also has to take in account that some of that 370M supply is in accounts with lost keys and inactive users. No matter how we want to dice it, Justin Sun decides the faith of STEEMIT and likely STEEM the blockchain/token as it stands today.

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davemccoy (63) · 5 years ago

Hey @rentmoney, I always value your opinions and thoughts... Thank you for the explanation and the analysis. And I definitely see how you are viewing this, and will not pretend to know how this will turn out. I guess time will tell what is in store, and we will see together! :)

I am still optimistic that he didn't light his cash on fire on purpose, so to me I will keep an eye on the road ahead.

rentmoney (68) · 5 years ago

Likewise @davemccoy, I seen your post pop up in my feed and I was eager to read your opinion on the matter at hand.

I'm optimistic as well, as you said, its unlikey he wants to set his own funds on fire. I think he has some big plans for STEEMIT and the new STEEMTRON token he plans on introducing. Below is one of his latest videos.

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davemccoy (63) · 5 years ago

cool... I will watch that this evening! Thank you :)

and ps.. thanks for the engage tokens! You are the 1st one to ever tip me with an alt token before! :)

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rentmoney (68) · 5 years ago

!ENGAGE 50

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misterengagement (55) · 5 years ago

@davemccoy you have received 50 ENGAGE from @rentmoney!
View and trade the tokens on Steem Engine.

^{This tip bot is powered by witness untersatz!}

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cryptkeeper17 (64) · 5 years ago

I see your concern @rentmoney and I see your point, to a degree. I think first of all the purchase of steem is not the buying of the logo but having a "ready to go" social crypto network, and not to mention an extremely distilled user base that is among the most loyal in all of cryptoland... Otherwise why would we still be here? Time will tell but in the end I think this can work out amazingly I actually saw someone commenting about on youtube today which there is 0% chance of this person talking about steem/steemit if this did not happen.

davemccoy (63) · 5 years ago

as always @cryptkeeper17... I like the way you think :D ... and yes, the marketing of the network could be huge. Frankly, I think this could be huge for the steem games too (hint: like Splinterlands)!!!

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joshman (70) · 5 years ago (edited)

Yes thank you, if he spent 10 million, he spent 20 million less than Block One did for the Voice.com domain, which coincidentally the Steemit.com purchase news dropped on the same day of the Voice beta release. 10 million is just 2x what Justin Sun paid to eat lunch with Warren Buffett. People have a false sense of security, based upon their own value of money. 10 million is play money to him, and Tron is his baby, don't underestimate his willingness to burn your stake down to prop up his own project.

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davemccoy (63) · 5 years ago

Hey @joshman, thanks for replying... I respect your thoughts and generally agree completely with you. While I see your point (and of course you may be right), I still think there is more than just burning Steem to the ground. His lunch with Buffet was to get attention, I highly doubt he really cares about eating with that old man. Spending that kind of money for lunch is more than I would spend to get attention, but as you said everything is a relative value. Having said that, we will see as time goes.

ps.. I hope I'm right for everyone's sake ;)

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yogajill (62) · 5 years ago

Glad to see ya back Dave ☀️

davemccoy (63) · 5 years ago

Thank you Jill ... Its nice to be missed :) And its good to see you still around too, I miss many of the people I interacted with!

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sinlg (65) · 5 years ago

Welcome back Dave. But I’m leaving. Just three months. Will be back in June.

Posted using Partiko iOS

davemccoy (63) · 5 years ago

Thank you @sinlg... and I hope wherever you're going, you have fun! See you back in June :)

sinlg (65) · 5 years ago

It is not a fun trip. More like hell but I’ll survive somehow

davemccoy (63) · 5 years ago

I'm sorry to hear that @sinlg... I am happy to hear you will persevere though, so keep your spirits up.

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johndoer123 (65) · 5 years ago

Didnt even do a full read through yet. Just glad to see you back. And i agree 100 percent with what i did read so far...we may just have a chance. I'm optimistic. Glad to see you back brother...and here's to a hopefully great second chance!!!🤗

davemccoy (63) · 5 years ago

Thanks JD! I'm with you on that for sure! There could easily be a revival here as many are still in touch with each other. Hope is alive! :)

culgin (71) · 5 years ago

Welcome back!

@tipu curate

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tipu (67) · 5 years ago

Upvoted 👌 (Mana: 0/15 - need recharge?)

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davemccoy (63) · 5 years ago

Thank you very much for the tipu curation @culgin! I appreciate it very much!!!

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simplymike (67) · 5 years ago (edited)

Thanks, Dave, for at least trying to highlight the potential positives. I trust you in many things, but the things I've read these past two days made me really insecure.
The -now deleted - Medium article by TronlinkWallet about the token swap... Apparently everything was set up to start the token swap instantly. The warning that you needed to swap your token asap before your Steem would become worthless was pretty alarming. Even more alarming was that it needed to be done on Polinex, of which someone told me it's not even available for people in the US.
For some unknown reason, justin backed away from the token swap - for now. Looks like we really dodged a bullet there.
If he changes his mind so quickly, who prevents him to change his mind again tomorrow?

Then I read articles like this, and it just proves the guy isn't to be trusted.

Guess we have no other choice than to go with the flow. But for the first time I'm here, I'm powering down. I'll see what happens over the weeks to come, but I'd rather be prepared for everything

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rentmoney (68) · 5 years ago

I don't think he backed off the token swap. I think he soften his approach, he first was very forth coming and then seen all the negative feedback and then dialed back how he presented information. What-ever his plan was when he first bought STEEMIT (which was likely months ago) is very likely still his plan. I think a token swap is going to happen, its only a matter of when.

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davemccoy (63) · 5 years ago

Hey @simplymike... When I saw your reply it took me back to "the old days" when I was always so excited to see what you were going to say! :)

And on your points, I completely understand and think its very very prudent to be prepared for everything. I think powering down is fine and I'm sure you will have things clear up well before that powerdown is finished.

I still believe that there is a "chance" for some majorly big things to happen as a result of this. But heck, there is no way in the world I would recommend anyone being anything but prudent. We will see how it unfolds, but as usual you are making a smart choice and I applaud both your wisdom and common sense! :)

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sparkesy43 (59) · 5 years ago

Look out! Dave's found the post button again!!!! Good to see you back, and more importantly, actually making sense as well!!!!

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davemccoy (63) · 5 years ago

lol ... thanks @sparkesy43 ... And yes, I thought I lost that button forever! :)

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bashadow (65) · 5 years ago

I went and looked at the dApps for Tron, not all of them, but there did deem to be a lack of a Social Block Chain app. No steemit style application running on the Tron Network. Because we have all been in the steem environment for so long we tend to see the program and interface as an everyday thing. I have tried and visited a few of the other so-called block chain social sites, none with the ease and power of steemit except perhaps the forked off whaleshare project. Maybe when Justin was talking about migrating steemit to tron he really meant just steemit. Perhaps it was his way to poach the steemit development team. I do not know if the dev's had to sign a non-compete contract to work at steemit, if they did then this is the only way that Justin could get the team.

I do love all the speculating, and seeing the potential directions things can turn and go. Who knows in 3 or 4 months steempeak may be the number one access point to the steem block chain, and be the ones updating the API and Condenser. At least their development team/leader seems to be more accessible to the average user, plus they ask their users what they would like to see tool wise. So this could all be very good, or just moderately good.

It's not like at 12 cents steem was worth a lot. Then the slow rise, the steady movement of steem, the power downs the power ups, people had a feeling something was up, SMT's were close to coming online, the desire to shorten the withdrawal time frame was squashed by steemitblog. The price slowly started to rise, still it really had very little distance to go to being valueless, it could just as easily fell 12 cents as it did rise 12 cents. So what will change, we wait and we see, and we continue on with our steemian ways and leave the stromian ways to the tronite's.

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davemccoy (63) · 5 years ago

As always @bashadow, I love your thought process! I completely agree. Sometimes I wonder if some people were on a different social network than we were, because it was damn close to being a ghost town in my opinion. Stalwarts like you keep it going, but many many many got tired of the heavy lifting. For my part, I'm excited to see what comes next (and of course hoping for the best for everyone!!!)

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afril (69) · 5 years ago

Welcome and success🥰

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nealmcspadden (69) · 5 years ago

Hard truths my friend.

No matter what people say, change is scary because things can always get worse.

I was talking with aggroed last night on Minnow Town Hall and said that even though I am cautiously optimistic about all this, I'm still powering down all my steem. The little bit of curation I will miss doesn't outweigh the potential downsides.

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davemccoy (63) · 5 years ago

Hey Neal, thanks for stopping by and giving us your thoughts... And I definitely don't disagree with anyone for being cautious, and like you said its the change that is scary to many... Let's hope the guy doesn't like to light his money on fire for fun! ;)

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brianoflondon (71) · 5 years ago

On the subject of a token swap: I just can’t see how a simple token swap can work because unlike a pure currency token, Steem and Steem power are 100% at the base of the utility of the entire steem eco system. It’s interwoven with the entire functionality. You could change the token name I guess with a huge and pointless effort but what would really change?

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davemccoy (63) · 5 years ago

I agree with you @brianoflondon. To me it wouldn't make sense to buy the largest stake and then destroy the utility of the coin and the whole eco system.

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